Potential EURUSD Short As Market Awaits Draghi Speech?

The EURUSD market has been held in a tight consolidation since London close yesterday (23 May) with very little movement in Asia.

Price failed to breach yesterday's low in early London trading and is hovering just above the lows with no real sense of direction.

A blank calender void of EUR or USD news makes stop runs and consolidations more likely. Depending on what Mr Draghi has to say there is the potential for the market to sweep the short term lows (1.1164) and potentially yesterday's lows (at a stretch) at 1.1075.

Comment:
The idea did not work out as anticipated. The EUR found strength on the underlying short term weakness of the USD.

The consolidation outlined in the initial idea became the basis for the rally in the EURUSD to reach the 1.1250 level after taking out the lows of the consolidation.